Bangladesh’s FX, money markets open stable, stocks fall

12:42 pm May 4, 2015| Last Modified: 12:42 pm May 4, 2015

Dhaka, Bangladesh (BBN)–Bangladesh’s both foreign exchange and money markets remained almost stable at opening while the stocks plunged in early trade on Monday.
The call rate ranged between 6.75 percent and 8.0 percent unchanged from the previous level, market operators said.
On the other hand, the banks quoted the dollar single rate at BDT 77.80 on the day unchanged from the previous level.
But the exchange rates of US$/BDT are maintain an upward trend in the early hours trading mainly due to higher demand for the greenback, a senior treasury official told the BBN in Dhaka.
“Most of the banks are not interested to sell their excess US dollar through inter-bank rate so that the demand for the greenback pick up slightly,” the treasury official explained.
He also said the banks are trying to sell their excess US dollar to the multinational companies for receiving better rate than the inter-market one.
“The multinational companies are searching the greenback to settle their dividend obligations,” the treasury official noted.
DSEX, the prime index of the Dhaka Stock Exchange (DSE), went down by 24.81 points or 0.61 percent to reach at 4,022.47 points after first 30 minutes of trade when the report was filed at 11:00am.
The two other indices also saw negative trend.
The DS30 index, comprising blue chips dropped 10.01 points or 0.64 percent to reach at 1,535.17 points.
The DSE Shariah Index (DSES) shed 7.05 points or 0.71 percent to stand at 985.48 points.
DSE turnover stands at BDT 405 million when the report was filed at 11:00am.
The port city bourse – the Chittagong Stock Exchange (CSE) – also saw downward trend in early hours of trading with its Selective Category Index – CSCX – lost 9.33 points to stand at 7,539.65 points, also at 11:00am.

No Subscription? You Are Missing Out!

Join the business leaders of Bangladesh who rely on BBN's original reporting and in-depth analysis on business scenario of the country. We send only one daily email. No Spam Guaranteed!